DGAP-Ad-hoc: ALLGEIER SE / Key word(s): Quarterly / Interim Statement/Capital Increase
Munich, May 07, 2019 - According to preliminary figures, Allgeier SE (ISIN DE000A2GS633, WKN A2GS63) will achieve further significant growth in sales and earnings in the first quarter of 2019 (January 1, 2019 - March 31, 2019) in line with its planning for 2019.
Sales and earnings development in the first quarter of 2019
In the first quarter of 2019 (01 January 2019 to 31 March 2019) the Allgeier Group increased its total operating performance by 22 percent to EUR 189.7 million (continuing operations of the previous year: EUR 155.2 million). Adjusted Group EBITDA (EBITDA before effects that qualify as extraordinary or non-periodic) for the first three months of 2019 rose by 34 percent to EUR 14.0 million (previous year: EUR 10.5 million). EBITDA for the period amounted to EUR 13.4 million (previous year: EUR 9.5 million), corresponding to an increase of 41 percent. In the first quarter of 2019, the Group thus generated EBIT of EUR 5.8 million (previous year: EUR 4.1 million), which likewise corresponds to an increase of 41 percent compared with the same period of the previous year.
In the first quarter of 2019, the standard for accounting for rental and lease agreements to be applied from 1 January 2019 onwards in accordance with IFRS was implemented (IFRS 16). This accounting change resulted in an increase in EBITDA of EUR 3.9 million in the first quarter of 2019; the prior-year quarter was up by EUR 2.9 million. The change in accounting for EBIT in the first quarter of 2019 resulted in an increase of EUR 0.3 million (the prior-year quarter was adjusted upwards by EUR 0.2 million). The Allgeier Group uses the retrograde method for the conversion, whereby the previous year's figures have been adjusted to the reporting for the first quarter of 2019 in order to ensure comparability of the figures. In addition to the effects in the income statement, the effects from the application of IFRS 16 also affect the balance sheet presentation due to the capitalization of rental and lease agreements with their values in use and the recognition of future payments as liabilities over the expected useful life.
Key balance sheet data as of March 31, 2019
At the end of the first quarter of 2019, the Allgeier Group had cash and cash equivalents of EUR 71.7 million (December 31, 2018: EUR 77.0 million). Financial liabilities remained unchanged at EUR 181.8 million as of the balance sheet date (December 31, 2018: EUR 181.7 million), of which EUR 158.4 million were non-current financial liabilities (December 31, 2018: EUR 150.3 million).
Notes to the disclosures as of 31 March 2019
All figures for the first quarter of 2019 have been calculated in accordance with IFRS and have not been audited.
Allgeier intends capital increase to finance further growth investments
Allgeier's strategic goal is to continue the significant expansion in particular of its Technology division with its global presence. The market for software development and digitization is consolidating worldwide and is rapidly evolving technologically. Allgeier already has a profound footprint in areas such as software development, artificial intelligence or cloud services and maintains a well-filled M&A pipeline with companies of this kind. Against this background, Allgeier is constantly examining the possibilities of significantly expanding its financial leeway. This includes the optimization and expansion of the debt financing framework and the implementation of a capital increase of up to 10% of the share capital excluding subscription rights. This is to take place before the Annual General Meeting on 28 June 2019 using the authorized capital of the company in the form of a cash capital increase. Allgeier SE will announce the resolution on the intended capital increase and the subsequent implementation of the capital increase in separate ad-hoc announcements.
Allgeier SE is one of the leading IT companies for digital transformation. With a growth strategy focused on innovations and future trends and an integrative entrepreneurial model, Allgeier is seizing the opportunities of digitalization. Four segments with individual technical and industry-related focal points work together for around 3,000 customers from almost all industries. With over 9,600 employees and more than 1,300 freelance experts, Allgeier offers its customers a comprehensive portfolio of solutions and services as a one-stop shop. Allgeier uses a highly flexible delivery model to map the complete IT service spectrum from onsite to nearshore to offshore: With strong footholds in India, China, Vietnam and Eastern Europe, flexibility and maximum scalability of services as well as highly qualified expert knowledge in high-end software development are ensured. Allgeier's customers include global corporations as well as innovative medium-sized companies that want to secure strategic advantages through high-performance IT solutions, intelligent software and flexible personnel services. The fast-growing group, headquartered in Munich, Germany, has more than 140 offices worldwide in fourteen European countries as well as in India, China, Singapore, Vietnam, Thailand, Malaysia, Japan, the United Arab Emirates, South Africa, Mauritius, Australia, Mexico, Canada and the USA. In fiscal 2018, Allgeier generated sales of EUR 687 million from continuing operations. According to the Lünendonk(R) List 2018, Allgeier SE is one of the ten leading IT consulting and system integration companies in Germany. According to Lünendonk(R) Market Segment Study 2018 "The Market for Recruiting, Placement and Management of IT Freelancers in Germany", Allgeier Experts is among the TOP 3 IT personnel service providers in Germany. Allgeier SE is listed in the General Standard of the Regulated Market of the Frankfurt Stock Exchange (WKN A2GS63, ISIN DE000A2GS633). Further information is available at: www.allgeier.com.
07-May-2019 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
|Phone:||+49 (0) 89 - 99 84 21 0|
|Fax:||+49 (0) 89 - 99 84 21 11|
|Listed:||Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Stuttgart, Tradegate Exchange|
|EQS News ID:||808177|
|End of Announcement||DGAP News Service|
808177 07-May-2019 CET/CEST